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Usually defensive, values ​​linked to consumption, such as Danone and Carrefour, were penalized by the Omicron variant. Indeed, the uncertainty around its effects, its spread and the effectiveness of current vaccines raises fears of new restrictions that could weigh on demand.

– World leader in the food industry: first in fresh dairy products (Activia, Gervais, Alpro, Oikos, Actimel brands, etc.), second in the world in infant and medical nutrition (Blédina, Dumex, SGM, Aptamil, Theocate, etc.) and third in bottled waters (Mizone, Volvic, Evian and Acqua);

– Sales of € 23.6 billion divided into 3 divisions: dairy or vegetable products for 54%, specialized nutrition for 31% and bottled water;

– Revenues balanced between Europe-North America (57%, including 21% for the United States) and the rest of the world – Argentina, Brazil, Mexico, China, Indonesia, Russia, Turkey and Morocco;

– Model 2030 “One Planet. One Health ”for the first listed Mission company: from the raison d’être of“ bringing health through innovation ”, accelerating growth, maximizing efficiency, developing committed brands and increasing profitability through annual growth from 5 to 10%;

– Open but blocked capital (double voting rights, voting limited to AGs, financial authorization during a public offer period, 5% of the shares being held directly or by self-control), Gilles Schnepp being chairman of the board of directors of 16 members, Antoine de Saint-Affrique providing general management;

– Healthy balance sheet with net debt of € 11.9 billion rated A or Baa and free cash flow of € 2.1 billion but leverage effect of 2.8.

– Medium-term return strategy to annual growth between 3 and 5% and an operating margin between 15 and 25%:

– 3 general directorates; North America, International and the “Design to Delivery” value chain,

– review of the portfolio of brands and assets (sale of the stake in the Chinese Mengniu Dairy and sale of Vega),

– Innovation strategy contributing to ¼ of annual sales and carried out in 2 international centers and 7 specialized centers;

– 6 themes: microbiota, plant matrices, packaging and after-plastic, naturalness and organic, allergies and healthy aging,

– Long-standing environmental strategy, Danone being among the best rated in the world in terms of “corporate social responsibility” reinforced by

– “Climate acceleration plan” with € 2 billion invested (2020-22) in the group’s brands, agriculture, packaging and digitization,

– “WeActForWater”: halving of the use of virgin plastic, i.e., in 2025, 50% recycled PET (rPET) worldwide and 100% in Europe, acceleration of carbon neutrality in Europe by 2025 (2020 for Evian and Volvic), water access fund (50 million people by 2030),

– Strengthening, with the purchase of Follow your Heart, of the plant-based products business, the prices of which will increase from € 2 billion in 2020 to € 5 billion in 2025;

– Continued rotation of the portfolio, with speculations on a sale of the water division.

– High sensitivity to currency fluctuations and milk prices (10% of turnover), health risks and climatic hazards for water;

– Recovery of the “water” branch, affected by restaurant closures and changes in consumer consumption in Europe;

– Impact of the pandemic: 6.6% increase in sales in the 1st half;

– Objectives for the second half of 2021: return to profitable growth and stability of the operating margin;

– 2020 dividend of € 1.94 and share buyback program of € 800 million by the end of 2021.

Acting exclusively as a distribution channel, BOURSORAMA did not participate in any way in its development nor exercised any discretionary power with respect to its selection. The information contained in this analysis has been transcribed “as is”, without any representation or warranty of any kind. The opinions or estimates expressed therein are those of its authors and do not reflect the point of view of BOURSORAMA. Subject to applicable laws, neither the information contained nor the analyzes expressed therein can engage BOURSORAMA’s responsibility. The content of the analysis made available by BOURSORAMA is provided for information only and has no contractual value. It thus constitutes a simple decision aid over which the user retains absolute control.

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The reader is informed that BOURSORAMA has no conflict of interest that could affect the objectivity of the analyzes disseminated. As such, the reader is informed that there is no direct link between the analyzes disseminated and the variable remuneration of BOURSORAMA employees. Likewise, there are no financial or capital links between BOURSORAMA and the issuers concerned, apart from the contractual commitments that may govern the provision of the broadcasting service.

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Ref: https://www.boursorama.com